Oil crisis cuts Baker Hughes' business in half in 2015
Oil service major Baker Hughes was struck hard by the low oil price in 2015, a year in which especially the number of active rigs took a dive and put pressure on the company's business. This development looks set to continue in 2016 and the industry will need help, notes CEO.
BY DANIEL LOGAN BERG-MUNCH
US-based oil service company Baker Hughes, which is listed on the NYSE, can look back on a historically difficult year.
On Dec. 5, all Russian crude oil will be banned in the EU. But oil from the warring country will still flow into the world market, and both the EU embargo and price cap can be circumvented, predicts sanctions lawyer.